The Interpreter Posted April 16, 2009 Share Posted April 16, 2009 NEW YORK, April 16 (Reuters) - Standard & Poor's cut its corporate credit rating on Six Flags Inc (SIX.N) to "D", citing the theme park operator's decision to delay a $7 million interest payment this week. The "D" rating largely reserved for companies that have defaulted a payment, which Six Flags has not done, but the S&P can apply the rating when the borrower is under severe financial stress.... Use of the grace period does not usually constitute a default and the company said it had $210 million in liquidity. But in a March securities filling, the company warned it could buckle under its massive $2.4 billion debt load. Further, Six Flags said it may have to file for Chapter 11 bankruptcy protection if it cannot negotiate terms with its creditors or refinance its debt. The company must pay a $318.8 million cash payment by Aug. 15.... http://www.reuters.com/article/marketsNews...20090416?rpc=44 Quote Link to comment Share on other sites More sharing options...
jzarley Posted April 16, 2009 Share Posted April 16, 2009 But--at least it's Chapter 11! That's a success according to Shapiro's new compensation agreement. The story of SF is going to make a very interesting thesis topic for some MBA student someday... Quote Link to comment Share on other sites More sharing options...
RailRider Posted April 17, 2009 Share Posted April 17, 2009 And I just happen to be working on my MBA currently... Quote Link to comment Share on other sites More sharing options...
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